NAGOYA — Toyota Motor will acquire South Korean conglomerate SK Group’s car leasing business in China to fuel its expansion in the world’s biggest auto market. Financing subsidiary Toyota Financial Services will buy the entire stake in Beijing-based SK Auto Service for an estimated 5 billion yen ($45.5 million), aiming to close the deal by month’s… Continue reading Toyota to buy Chinese auto-leasing business from SK Group
Author: Nikki News Feed
Tesla’s attempt to crack Indian market puts focus on tariffs
TOKYO — As Tesla prepares to debut its electric cars in India, automakers worldwide are watching how New Delhi responds to the company’s push for lower tariffs and how that could impact their own strategies in the Indian market. The world’s largest electric vehicle maker had obtained approval to sell four models in India as of the end… Continue reading Tesla’s attempt to crack Indian market puts focus on tariffs
Chinese EV push into Europe sparks price competition
MUNICH — European automakers have begun to announce the rollout of affordable electric vehicles to counter the rise of Chinese competitors in their backyard. Volkswagen unveiled a compact EV, the ID Life, at the International Motor Show, which opened Tuesday and runs through Sunday in Munich. The model is due to go on sale in 2025… Continue reading Chinese EV push into Europe sparks price competition
Toyota to invest $13.6bn in batteries for EVs and hybrids by 2030
TOKYO — Toyota Motor will invest 1.5 trillion yen ($13.6 billion) in batteries used for electric and hybrid vehicles by 2030, the company said on Tuesday, without disclosing any plans or locations for new factories. Investments, however, are likely to be made in the automaker’s major markets, including China and the U.S. In Japan, the… Continue reading Toyota to invest $13.6bn in batteries for EVs and hybrids by 2030
China ride-hailer Caocao Chuxing receives billions of yuan in funding
BEIJING — Caocao Chuxing, the ride-hailing arm of automaker Geely, took in billions of yuan (a nine-figure dollar amount) in a recent funding deal, a source told 36Kr. The investment is China’s first domestic equity deal in the ride-hailing industry this year. Hangzhou Youxing Technology, which operates Caocao Chuxing, adjusted its share structure on Aug.… Continue reading China ride-hailer Caocao Chuxing receives billions of yuan in funding
Japanese vehicle maker jumps into microfinance in India
TOKYO — Tokyo-based startup Terra Motors, a manufacturer and distributor of electric three-wheeled vehicles, recently launched a financial subsidiary in India. Its goal is to use microfinance to lift buyers’ incomes and boost vehicle sales. But will a Japanese startup be able to thrive in India as the coronavirus spreads at a record pace? An… Continue reading Japanese vehicle maker jumps into microfinance in India
Japanese engineers find greener pastures with Chinese automakers
GUANGZHOU — The poaching of a former Toyota Motor ace engineer by a government-owned Chinese automaker took many in the industry by surprise. Masato Katsumata had spent more than 30 years at Toyota, mainly in the engineering division. He oversaw a full revamp of the Camry sedan as its chief engineer and was involved in… Continue reading Japanese engineers find greener pastures with Chinese automakers
Hyundai to make all luxury Genesis models electric by 2030
SEOUL — Hyundai Motor will stop selling gas-powered Genesis vehicles by the end of the decade and field an all-electric fleet for the luxury brand, the South Korean automaker said Thursday. Starting in 2025, all new Genesis models put on the market will either be electric vehicles or fuel-cell vehicles. As Genesis accounts for just over… Continue reading Hyundai to make all luxury Genesis models electric by 2030
Mitsubishi Motors to build new plant in Bangladesh
TOKYO — Mitsubishi Motors is set to build an auto assembly plant in Bangladesh as part of its expansion in Southeast Asia. Mitsubishi and state-owned Bangladesh Steel and Engineering Corporation (BSEC) on Thursday signed a memorandum of understanding. The two parties will conduct a feasibility study on business opportunities to determine when to build the plant.… Continue reading Mitsubishi Motors to build new plant in Bangladesh
Xiaomi CEO takes charge of new EV unit, leading team of 300
BEIJING — China’s Xiaomi, the world’s second-largest smartphone maker, has taken the next step in its entry into the electric vehicle market with a new unit headed by CEO Lei Jun himself. The Beijing-based company has invested an initial 10 billion yuan ($1.55 billion) into the new unit, Xiaomi EV, according to a Wednesday news release,… Continue reading Xiaomi CEO takes charge of new EV unit, leading team of 300